Protect Financing in Condominiumns

As many of you are aware, though purchasing a condo is similar to buying a single family residence, mortgages are more difficult to obtain for condominiums. Lenders impose different regulations and consider them higher risk, having to verify the fiscal and physical fitness of the project, resulting in higher interest rates. Below are a couple of guidelines that we touched upon in yesterday’s Tuesday meeting concerning respective programs and approved Condominium Project.

Conventional Warrantability:

No more than 10% units owned by one entity.

No more than 25% of square footage can be non-residential/commercial

Generally no less than 50% of units are used for investment purposes.

Check Fannie Mae approved Condo projects for Washington State here.

FHA Condo Approval:

No more than 50% units owned by one entity or used for investment purposes.

No more than 50% of square footage can be non-residential/commercial

Check a condo project’s FHA Approval here.

VA Condo approvals are subject to Veteran’s Affairs approval. Generally if a project is FHA approved, VA will also authorize lending there. This process can be several months in length. Contact one of us to see if a Condo Project is VA approved.

Non-Warrantable or FHA/VA Non-approved Condo projects may also be financed. At American Pacific Mortgage we have options for these types of condo projects as well. We have experience with Jumbo condo financing and financing for projects under litigation. Give one of us a call.

Thinking about buying call me as I am an owner and understand the property and the status, if you are thinking about selling your unit, please consider me as I know a lot about condominiumns and Waters Edge.

Contact:
Bret Bucher
360-600-5555
Real Estate Broker, Realty Pro Inc.
14201 NE 20th Ave Ste B102
Vancouver WA 98686
www.bretbucher.realtyproweb.com
bretbucher.blogspot.com

located in Salmon Creek, across from Albertsons.

Recent Real Estate Activity

https://drive.google.com/open?id=0B5aDpwRn1DH-RFI2MXVZWnNBaEk  [Waters Edge]

Other justifyable comparabe sold condominiums in Salmon Creek, point being said, in my opinion we need to protect our property values - get your property valued correctly to increase value accordingly to the market, as you can see with these comps in a 1.5 mile proximity to the subject property at 13216 NE Salmon Creek Ave; furthermore Waters Edge does have garages, adding more value.

https://drive.google.com/open?id=0B5aDpwRn1DH-WUozX0NnQ3Z3Nm8  [Salmon Creek Estates]

In Salmon Creek, a 2 mile radious search with sold condominiums the average price is $148,875, the average sq. ft. is 964, and averaging 13 days on the market. It's very important to have the correct price as we also have new siding, new roofs, new windows, new gutters, new railings - a multi million dollar project which does in deed increase the value quite significantly. Price your property correctly so the values reach the maximum dollar amount.

https://drive.google.com/open?id=0B5aDpwRn1DH-b2RXV2hDZTdLX3c  [Salmon Creek - Overall]